Nigeria’s Farmcrowdy Gets Formal Acquisition Of Best Foods

Farmcrowdy is a Nigerian and globally recognized agritech Company that connects small scale farmers across smart farming techniques, quality farm inputs, and access to the superior markets to earn a decent profit margin compared to what they get from trading within their locality.
This has created a dedicated crowdfunding platform that enables people to invest directly in the agricultural sector, has doled out an undisclosed amount to acquire a majority stake in Best Foods L&P Limited, an agro company that specializes in meat processing.
By acquiring a majority stake, Farmcrowdy has taken ownership of Best Food’s assets, team, and customer contracts to supply meat across Nigeria. Best Foods has been in the agribusiness for over 16 years, making a mark in the processing of livestock, farming, and marketing of agricultural produce.
The acquisition of Best Foods L&P Limited will provide Farmcrowdy the opportunity to continue to grow its Livestock value chain with an improved process for livestock production and processing to reach the desired high standards fit for local consumption and export were necessary.
The expansion of the business will also enable Farmcrowdy to become the most preferred source of processed livestock across Nigeria starting from Lagos. The expanded business will serve over 50 meat markets across the south-western zone in Nigeria and will manage over 100 consumer endpoints.
Known for its prowess in adapting technology to agriculture, this acquisition will see Farmcrowdy enter the meat retail market with the launch of Farmcrowdy Meat Hubs across Lagos in Q2 2020 to provide quality meat produced and traded by Farmcrowdy for everyday consumers using Technology. Reports show that Lagos alone consumes 6,000 cattle every day while Nigeria processes over 1.2 billion chickens annually.
The Managing Director of Farmcrowdy, Kenneth Obiajulu, said that Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply and the acquisition supports Farmcrowdy’s strategy to lead the market and meet the requirements necessary to process approximately 45 cattle every day for meat consumption in Lagos.
Also, the Founder of Best Foods, Emmanuel Ijewere, who will be joining Farmcrowdy as a member of the advisory board said the deal with Farmcrowdy is a welcome development as it provides a major growth opportunity for both businesses.
The Founder & CEO of Farmcrowdy, Onyeka Akumah said as well that “Farmcrowdy is Nigeria’s leading Agtech company using technology to change the way people invest in Agriculture then grow the food they eat. Today, this acquisition of Best Foods L&P Limited is a major milestone for the entire team knowing that we only launched Farmcrowdy 3 years ago with a bunch of 20 & 30-year-olds. I grew up learning about the impact Best Foods and Mr. Ijewere had in the Agriculture space in Nigeria and we are absolutely delighted to welcome him to the Board of Farmcrowdy as we continue to grow this space together.
Farmcrowdy has a vision to be the foremost digital agriculture platform in Africa admired for its impact on collaborative food production and boosting food security across the continent.

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